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Section 2. Findings Relating to the Establishment of Tax Increment Financing <br />District No. 1-6. <br />2.01. It is found and determined that it is necessary and desirable for the <br />sound and orderly development of the District and the City as a whole, and for the <br />protection and preservation of the public health, safety, and general welfare, that <br />the authority of the TIF Act be exercised by the Authority and the City to establish <br />Tax Increment Financing District No. 1-6. <br />2.02. It is further found and determined, and it is the reasoned opinion of the <br />City, that the warehouse project proposed in the Plan for Tax Increment Financing <br />District No. 1-6, could not reasonably be expected to occur solely through private <br />investment within the reasonably foreseeable future and that therefore the use of tax <br />increment financing is necessary to assist the project. <br />2.03. The expenditures proposed to be financed through tax increment <br />financing are necessary to permit the City to realize the full potential of the District <br />in terms of development intensity and tax base. <br />2.04. The Plan for Tax Increment Financing District No. 1-6 will afford <br />maximum opportunity, consistent with the sound needs of the City as a whole, for <br />development of the tax increment financing district by private enterprise. <br />2.05. The Council has relied upon the opinions and recommendations of its <br />staff, the Authority and the planning and zoning board and the personal knowledge <br />of the members of the Council in reaching its conclusions regarding the Plan and the <br />establishment of Tax Increment Financing District No. 1-6. <br />2.06. Tax Increment Financing District No. 1-6 is an economic development <br />tax increment financing district within the meaning of Minnesota Statutes, section <br />469.174, subd. 12. <br />Section 3. Approval of the Tax Increment Financing Plan; Establishment of <br />Tax Increment Financing District No. 1-6. <br />3.01. The Plan for Tax Increment Financing District No. 1-6 is hereby <br />approved as adopted by the Authority. <br />3.02. Tax Increment Financing District No. 1-6 is hereby established. The <br />boundaries of Tax Increment Financing District No. 1-6 are as described in the Plan <br />and incorporated herein by reference. <br />3.03. The City elects for Tax Increment Financing District No. 1-6 to be <br />treated as described in Minnesota Statutes, section 469.177, subd. 3(a) with regard <br />to fiscal disparities. <br />3.04. The Executive Director of the Authority is authorized and directed to <br />transmit a certified copy of this resolution together with a certified copy of the Plan <br />to the auditor of Anoka County with a request that the original tax capacity of the <br />property within Tax Increment Financing District No. 1-6 be certified to the <br />Authority and the City pursuant to section 469.177, subd. 1 of the Tax Increment <br />Financing Act and to file a copy of the Plan for Tax Increment Financing District No. <br />`— 1-6 with the Minnesota department of revenue. <br />RHB74265 <br />LN140-29 <br />